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Slovakia: features of the local real estate market

Acquisition of housing in Slovakia was not so long ago rare for Russians, but in recent years, more and more Russian-speaking buyers have opted for square meters of this country.
After the collapse of Czechoslovakia and the creation of two independent states in 1993, Slovakia remained in the shadow for some time – the Czech Republic was more often chosen both for holidays and as a possible country for emigration. However, economic growth and favorable conditions allowed Slovakia to find a considerable number of tourists and foreign residents who moved here for permanent residence.

Buy real estate in Slovakia

Sometimes real estate is acquired only for recreation or to have a “reserve airfield” for the future. To achieve this goal, you can come to the country on a regular Schengen visa, with which you can stay in the agreement countries for no more than 90 days. In order to extend this period, it is necessary to obtain a residence permit – this procedure is much easier here than in other EU countries – a permit is issued either when buying real estate, or when establishing an individual business or company.

Property prices
The stability of the local economy affects the stability of housing prices: it is not getting cheaper, as in some countries, but is steadily becoming more expensive. In recent years, Slovakia has been among the leaders of the European Union in annual economic growth with an indicator from 1.5% to 2.4%, making the country attractive for foreign investors, both wealthy and not very wealthy, for real estate investments.

Real estate prices in Slovakia have stepped up their growth rate over the past couple of years: if in the first quarter of 2017 the average price in Slovakia was 1350 euros per sq.m, then in 2019 this figure reached 1560 euros per sq.m, that is, two year, the cost of housing increased by 16%. True, in the second quarter of this year, growth slowed down a little, but the National Bank of Slovakia suggests that prices will continue to increase, but more moderately. Now the highest prices are fixed in the Bratislava region – 2072 euros per sq.m. It is followed by the Trenčín Region – 1146 euros per square meter, илиilina Region – 1099 euros per square meter and Kosice Region – 1046 euros per square meter.

Buy real estate in Slovakia

The largest jump in real estate prices was noted in Bratislava, where the cost of housing for one year increased by 8-12%. The most expensive studios (in Slovak garsonka), one-room (2071 euros per square meter) and two-room apartments (1934 euros per square meter). The increase in the cost of large multi-room expensive apartments was slow. Despite the fact that at the moment the difference in the increase in real estate prices and salaries in Slovakia is 23%, however this does not reduce the desire of Slovaks to buy a home, and the process helps to implement low mortgage rates – about 1% in all banks.

Pros of buying a home in Slovakia
Bratislava and its suburbs, Kosice, Poprad are the most sought-after cities for acquiring real estate in Slovakia. Shamorin is gaining more and more popularity, where the dean of the most sought-after development projects, which is based on the border with Austria, is being implemented, which has become a determining factor for many buyers. Bratislava will also be interesting for those who want to concentrate their business in Austria; buying a house in Poprad will be profitable for those who do business in Poland. Located just an hour from the border with Ukraine, Kosice is also recognized as the metallurgical and logistics center of Slovakia.

Today, many foreign students study in the capital Bratislava, and there are also the headquarters of international companies: Amazon, IBM, Booking.com and UBER, so many expats live in the capital of Slovakia. Also, many Italians and Spaniards live in Bratislava, often Austrians (due to high prices in Vienna) and Russians move to the city – as you know, the level of local market prices is much lower than Moscow. Now in the vicinity of Bratislava within a radius of 100 km, you can buy a small 1-2-room apartment worth up to 50,000 euros. A 3-4 room apartment and even a house in a suburb of Bratislava can be purchased at a price of up to 100,000 euros.

An absolute plus of Slovakia is also that when buying real estate there is no need to confirm the financial origin of the funds, as requested in other countries. It is also advantageous that payment here takes place in euros (national currency) – the buyer does not lose on conversion, as is the case in the Czech Republic, Hungary or Poland.

Buy real estate in Slovakia

House or apartment?
The lower price per square meter of a house than a square meter of an apartment is one of the factors that motivate Slovaks to buy and build houses. In addition, a house can be built or purchased exactly according to your ideas or dreams of housing, and it is quite difficult to buy or remodel an apartment built according to the standard in a multi-storey building. And at the price of a studio apartment in the center

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